The Benefits of “Currently Not Collectible” Status
The IRS status of “currently not collectible” is a type of appeal wherein the IRS agrees not to collect on your tax debt for a period of time. The length of this status can vary and last one or more years. It is a desirable status to have, as it gives you a break from IRS levies, liens and asset seizures and other collection efforts—but, you must prove that you are too poor to pay (that is, you don’t earn enough to pay minimum living expenses) and do not have any liquefiable assets. However, interest will still accrue on your back taxes. But if you still have uncollectible status when the IRS’ 10-year statute of limitations expires, you will be free from your tax obligation.
If you are having difficulty paying your debt or are being harassed by the IRS, contact Schneider today to see what options you have to cease the collection process, including whether there are any IRS programs you can take part in.
We’ve handled all types of business tax cases, for a variety of Indiana businesses. Our nearly 40 years of experience—plus our financial and legal backgrounds—helped us develop the tools of negotiation and persuasion needed to pursue an equitable resolution for every client. We understand the stress and worry of owing taxes to the IRS, and are attentive to your needs and meet you at your level.
Having handled IRS and state tax debt situations since 1979, we’ve seen time and again that nearly every situation can be resolved. We’ve worked closely with IRS and have a strong rapport with the agency. We’ll conduct all communication directly with IRS representatives, away from your home, and find the best possible solution for you so you can keep moving forward.